The Banksters are driving the get-away car....we need the keys back

3 posts / 0 new

The Senate did not reach the 60 votes necessary for cloture on debate - thus allowing a vote - on its financial regulatory reform bill yesterday. Two Democrats, Sens. Russ Feingold (WI) and Maria Cantwell (WA), joined Republicans to block the vote. They demanded that votes be allowed on amendments making the bill tougher on Wall Street. Feingold in a statement after the vote, "We need to eliminate the risk posed to our economy by 'too big to fail' financial firms and to reinstate the protective firewalls between Main Street banks and Wall Street firms." Feingold wanted the equivalent of Glass-Steagal reinstated. So far, a few bank-owned Democrats, mostly led by Chris Dodd, have joined all the Republicans except Snowe and Collins of Maine, in working to dilute, delay, or block real, enforceable, and effective reform of the casino running on Wall Street that has stolen hundreds of billions of dollars from our economy and put it into the pockets of a few thousand insiders who have become multi-millionaires and billionaires over the past decade since Phil Gramm and Bill Clinton opened the casino. The legend is that Willie Sutton, the infamous Philadelphia bank robber, when asked why he robbed banks, said he did so because "that's where the money is." This generation of banksters has taken his lesson to heart, but instead of going in with guns blazing, instead they bought off enough legislators and Clinton and Bush to allow them to rob our banks with only a minimal risk of going to jail. It's like giving Willie Sutton the keys to the banks - and we need to take those keys back.

Thom's picture
Jul. 31, 2007 3:01 pm


As I've noted in another thread...Senators opposing financial reform with teeth in it need to be given the boot.

QUOTE: The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time. - Simon Johnson, former Chief Economist, IMF.

Retired Monk - "Ideology is a disease"

Jul. 31, 2007 3:01 pm

There may be a use for the drones after all.

DRC's picture
Jul. 31, 2007 3:01 pm

Latest Headlines

Obama to veto legislation on refugee screening

President Barack Obama would veto a Republican bill introduced in the wake of the Paris attacks to toughen the screening process for Syrian refugees

New York officials: No credible ISIS threat against city

There is no credible threat to New York City at this time, officials said

China denies torturing political prisoners

A Chinese delegation denied mistreatement of prisoners held in police stations and deaths in custody

Republicans try to derail Paris Climate Summit.

This week, leaders from around the world are meeting in Paris to work out the future of global climate action.

But, while our President is overseas trying to come up with climate solutions, Republicans back in the states are undermining him at every turn. And, their typical obstruction could pose a threat to the entire Paris summit.

Powered by Drupal, an open source content management system